I'm getting ready to fill out the FAFSA for the first time and I'm a bit overwhelmed by all the information I might need. Could someone break down the key documents and details that I need to have on hand before I start the application process?
I've heard things about needing tax returns and maybe some other financial documents, but I'm not exactly sure what all is involved, especially if my parents have different types of income or assets.
Any tips on getting organized before diving into the FAFSA would be super appreciated as well!
To streamline the FAFSA filling process and reduce potential stress, it's a very wise move to gather all the necessary documents and information beforehand. Here's a list of what you'll need:
1. Your Social Security Number: You'll need to enter this accurately, since the federal system cross-references it with social security administration data.
2. Your parents' Social Security Numbers: Similarly to above, if you are considered a dependent student, which most high school students are.
3. Your Driver's license number: This is optional, but can be helpful if you have one.
4. Federal tax returns: You will need your tax return and your parents' tax return (if you're considered a dependent student) for the prior-prior year. For example, if you're filling out the 2024-2025 FAFSA, you'll need the income from the 2022 tax return.
5. Records of untaxed income: This may include child support received, interest income, and veterans noneducation benefits, for you and your parents.
6. Information on cash; savings and checking account balances; investments, including stocks, bonds, real estate (but not the home in which you live); and business and farm assets for yourself (and your parents, if you are dependent).
7. Alien Registration Number: If you’re not a U.S. citizen but meet the Department of Education's citizenship status criteria, you'll need your Alien Registration Number.
To help you with organizing the information, you can utilize the FAFSA on the Web Worksheet or download the myStudentAid app. Both provide a preview of the questions you might be asked while filling out the FAFSA.
A crucial tip would be to file your FAFSA as soon as possible because some aid is awarded on a first-come, first-served basis. The FAFSA typically opens on October 1st and closes at the end of June.
Lastly, don't be too daunted by the process. If you find yourself needing help as you go along, reach out to your high school counselor, use the help functions within the FAFSA itself, or contact the Federal Student Aid Information Center at 1-800-4-FED-AID.
Good luck as you navigate through this process!
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